300
300
Oct 5, 2012
10/12
by
CNBC
tv
eye 300
favorite 0
quote 0
thanks very much, steve. please stick around. don't go anywhere. our next guest has exclusive hiring information and a survey that shows 58% of companies plan to hire next year, but 69% are waiting for issues to be resolved. >> gary, good to have you here. first, what do you think of today's jobs numbers? do you believe them? do they reflect what you're seeing? >> well, i've probably met with 100 ceos over the last month. it's more of the same. this is not a standing ovation for sure. >> in terms of the numbers. i'm assuming you believe them and that it's not just a great number in terms of the way you look at it. >> no, it's reality. i mean, this is a decade of readjustment. there is a real fight for growth and relevancy today. if you talk to any ceo, and ceos today are looking to innovate then hire, not hire then no innovate. >> what sectors are you seeing where we're getting real hiring going on right now? >> well, the two most obvious are in health care. that'll be 20% of the economy. and technology. those two are very, very strong. on the othe
thanks very much, steve. please stick around. don't go anywhere. our next guest has exclusive hiring information and a survey that shows 58% of companies plan to hire next year, but 69% are waiting for issues to be resolved. >> gary, good to have you here. first, what do you think of today's jobs numbers? do you believe them? do they reflect what you're seeing? >> well, i've probably met with 100 ceos over the last month. it's more of the same. this is not a standing ovation for...
254
254
Oct 2, 2012
10/12
by
CNBC
tv
eye 254
favorite 0
quote 0
one of the largest lenders on the hot seat. >>> and would steve jobs approve of the way ceo steve cook apologized for the so-called mapple gate? much more "squawk on the street." i'm bara ck o bama and i approve i'm bara this message. ck o romney: "it's time to stand up to the cheaters" vo: tough on china? not mitt romney. when a flood of chinese tires threatened a thousand american jobs... it was president obama who stood up to china and protected american workers. mitt romney attacked obama's decision... said standing up to china was "bad for the nation and our workers." how can mitt romney take on the cheaters... when he's taking their side? customer erin swenson bought from us online today. so, i'm happy. sales go up... i'm happy. it went out today... i'm happy. what if she's not home? (together) she won't be happy. use ups! she can get a text alert, reroute... even reschedule her package. it's ups my choice. are you happy? i'm happy. i'm happy. i'm happy. i'm happy. i'm happy. happy. happy. happy. happy. (together) happy. i love logistics. when you take a closer look... ...at the
one of the largest lenders on the hot seat. >>> and would steve jobs approve of the way ceo steve cook apologized for the so-called mapple gate? much more "squawk on the street." i'm bara ck o bama and i approve i'm bara this message. ck o romney: "it's time to stand up to the cheaters" vo: tough on china? not mitt romney. when a flood of chinese tires threatened a thousand american jobs... it was president obama who stood up to china and protected american workers....
327
327
Oct 4, 2012
10/12
by
CNBC
tv
eye 327
favorite 0
quote 0
steve, how about some of the hits, runs, and errors from those feds minutes? it didn't move the markets to any great degree today. >> i think we knew where people stood. the voting members are more or less in favor of the policy that came out, which was the one, the open-ended quantitative easing. the non-voters, there are more objections there. that's where more of the hawks are in the current rotation of the fomc. i don't think we learned anything new about there being a bigger or wider split when it comes to the new policy out there. they do have work to do, guys. they're working on the calendar date guidance. they're working on a whole bunch of other stuff that's out there. for example, the fomc individual interest rate forecast, and i think the way maria led into this, that we need new information, that's absolutely true because we don't know what happens in january. it's unclear how to calibrate the incoming economic data with what the fed is going to do in january. >> yeah, so we still have a fair amount of uncertainties on the table. yet, a little more
steve, how about some of the hits, runs, and errors from those feds minutes? it didn't move the markets to any great degree today. >> i think we knew where people stood. the voting members are more or less in favor of the policy that came out, which was the one, the open-ended quantitative easing. the non-voters, there are more objections there. that's where more of the hawks are in the current rotation of the fomc. i don't think we learned anything new about there being a bigger or wider...
277
277
Oct 5, 2012
10/12
by
CNBC
tv
eye 277
favorite 0
quote 0
steve had the right answer. he was averaging on ten months and now it was his forecast that was easy. >> and to be honest with you, if i was going to manipulate them
steve had the right answer. he was averaging on ten months and now it was his forecast that was easy. >> and to be honest with you, if i was going to manipulate them
302
302
Oct 1, 2012
10/12
by
CNBC
tv
eye 302
favorite 0
quote 0
and steve grasrg and citigroup was downgraded at sterne agee. a little stall because of concerns about windows 8 and whether or not it's going to be robust. q3 could be a make-or-break quarter for them. "the journal" points out, there's no place to try out the new tablet. are you going to buy a tablet just on blind faith without trying it out? >> tiff beta. it's quite exciting. but excitement doesn't necessarily equal sales. there was a downgrade of nokia saying the windows 8 operating system, not good for phones. intel seems to have lost its way with that 4% yield being the only reason to be in it. the desktop -- i feel very triceratops here with this. >> how about the story in "the times" over the weekend about meg whitman? >> they still make a lot of them. but the question is, is it really a business you want to be in? >> do you remember scm? >> yes. >> smith corona mar chant. they were making electric typewriters like they were going out of style. >> that "times" story, not a lot that we didn't already know in terms of what hp is trying to a
and steve grasrg and citigroup was downgraded at sterne agee. a little stall because of concerns about windows 8 and whether or not it's going to be robust. q3 could be a make-or-break quarter for them. "the journal" points out, there's no place to try out the new tablet. are you going to buy a tablet just on blind faith without trying it out? >> tiff beta. it's quite exciting. but excitement doesn't necessarily equal sales. there was a downgrade of nokia saying the windows 8...
200
200
Oct 1, 2012
10/12
by
CNBC
tv
eye 200
favorite 0
quote 0
steve liesman joins us from chicago with a very exclusive interview. steve? >> yes, thanks very much. i'm here in chicago with the chicago federal reserve president charlie evans. >> nice to be here. >> a year ago you laid out this idea of pegging policy to unemployment, and to inflation, given what the federal reserve just did, do you feel vindicated and the follow-up to that is do you feel satisfied, is it enough? >> well, last year i was here and i was talking a lot about our dual mandate responsibilities and i mentioned that with the unemployment rate at that time at 9% that was unacceptably high and we need to focus more on our dual mandate responsibilities. i feel good that our most recent statement and policy is focusing on strongly on the labor market, we're looking for substantial improvement in labor market conditions, the criteria for how long we're going to continue with very accommodative policies and that's a step in the right direction. >> a step in the right direction but is it enough? you want the fed to do this for a particular reason, which
steve liesman joins us from chicago with a very exclusive interview. steve? >> yes, thanks very much. i'm here in chicago with the chicago federal reserve president charlie evans. >> nice to be here. >> a year ago you laid out this idea of pegging policy to unemployment, and to inflation, given what the federal reserve just did, do you feel vindicated and the follow-up to that is do you feel satisfied, is it enough? >> well, last year i was here and i was talking a lot...
183
183
Oct 2, 2012
10/12
by
CNBC
tv
eye 183
favorite 0
quote 0
steve, where do you come out in this? he said what congressman said that the evidence of fraud is very, very small. yet, almost everything else we do in society today requires an id. one of the things i don't understand, you find accusation of voter fraud in democratic primaries in newark, new jersey corey booker's people accused frazier's people of fraud. >> did anyone go to court on th this. >> i know we are talking about new jersey, but please. >> the entire political machine in essex county supported james. who was re-elected in. >> i admire bill, but there is nothing in the constitution that says we have a right to have illegal elections. >> i'm not advocating in any way someone who has the right to vote voting one, two, three times. >> in mississippi, come on it is wrong. >> and this is the effort that. >> if you had a voter id requirement it would be hard to keep voting the dead multiple times. >> come on larry, nobody is advocating that. >> i think the elect tore is hop e honest. i went through a situation where m
steve, where do you come out in this? he said what congressman said that the evidence of fraud is very, very small. yet, almost everything else we do in society today requires an id. one of the things i don't understand, you find accusation of voter fraud in democratic primaries in newark, new jersey corey booker's people accused frazier's people of fraud. >> did anyone go to court on th this. >> i know we are talking about new jersey, but please. >> the entire political...
325
325
Oct 2, 2012
10/12
by
CNBC
tv
eye 325
favorite 0
quote 0
zells said is similar to what steve jobs said before passing away. this is a country where it is just too hard to do business in. >> yeah. i was going to say, you're not much of a golfer guy but a tennis guy, right? >> ryder was just a collapse. >> yeah. we let pollster on -- for me it was going to a shrink or something. it was come peopling but my heart was racing, i had butterflies in my stomach and didn't think it could happen. when it did, i felt hollow after it. >> i had a bunch of guys going to the eagles/giants game. you would have thought either of the games would have been talked about. the ryder cup is all i heard about. people felt bad for america. it was a patriotic thing. >> for one eagle moment, i just thought, i don't know, ma lays, i thought, we can't do this right. >> if they come in with cardigan sweaters the next time we see the golfers with the cardigan and have to start talking about turning down the thermostat, it is pool game over. >> all right. jim, thank you. we'll see you in a few minutes. >>> all right. we'll see jim in a f
zells said is similar to what steve jobs said before passing away. this is a country where it is just too hard to do business in. >> yeah. i was going to say, you're not much of a golfer guy but a tennis guy, right? >> ryder was just a collapse. >> yeah. we let pollster on -- for me it was going to a shrink or something. it was come peopling but my heart was racing, i had butterflies in my stomach and didn't think it could happen. when it did, i felt hollow after it. >>...
67
67
Oct 1, 2012
10/12
by
CNBC
tv
eye 67
favorite 0
quote 0
we're getting your fourth quarter play back from pete and steve here with me and stephanie link and steve grasso and i will start with you. given what happened last week in the market, did you guys come in today a little skeptical about this move in the market and then we got the ism report and that changed your way of thinking? >> i think you always come in skeptical because you wonder how much is window dressing and how much is the market itself creating and when you look at it, i think there are great opportunities going toward the fourth quarter. i am looking at certain areas i want to remine offensive and remain opportunistic and i am looking at certain names i know you like as well and i still think apple is under valued and goes higher. that's one of the names i would point out. if our on the defensive side i am looking at the big pharma names where you are looking at the valuation and the yield as well as the big money center banks and i would also stick with something like a kkr, black stone, and a lot of students depending how aggressive or offensive or defensive you want to be.
we're getting your fourth quarter play back from pete and steve here with me and stephanie link and steve grasso and i will start with you. given what happened last week in the market, did you guys come in today a little skeptical about this move in the market and then we got the ism report and that changed your way of thinking? >> i think you always come in skeptical because you wonder how much is window dressing and how much is the market itself creating and when you look at it, i think...
71
71
Oct 4, 2012
10/12
by
CNBC
tv
eye 71
favorite 0
quote 0
. >>> but first, those fed minutes right now with steve leisman. steve? >> brian, thanks very much. these are the minutes from the monumental meeting where the federal reserve decided on open-ended quantitative easing. the minutes show all members but one, the dissenter jeffrey lacker, agreed on quantitative easing. deciding without additional qe, the labor market would not improve given the underlying economic fundamentals. among the reasons for the decision, they looked at the europe crisis saying it polesed economic downside risk. members were concerned with the upcoming u.s. fiscal cliff and a number of participants highlighted the uncertainty of qe. i talk about members in the first part. those are voters. now participants are the fuller board. as we'll see in a little bit, this fuller board includes hawks but they're not in the voting rotation right now. some of those object as they say qe probably works best under financial market stress, not under the current conditions. it won't help an economy plagued by uncertainty. it could complicate the tightening of policy when it is
. >>> but first, those fed minutes right now with steve leisman. steve? >> brian, thanks very much. these are the minutes from the monumental meeting where the federal reserve decided on open-ended quantitative easing. the minutes show all members but one, the dissenter jeffrey lacker, agreed on quantitative easing. deciding without additional qe, the labor market would not improve given the underlying economic fundamentals. among the reasons for the decision, they looked at the...
272
272
Oct 8, 2012
10/12
by
CNBC
tv
eye 272
favorite 0
quote 0
when you think about apple post steve jobs and we saw what happened to apple post steve jobs in the '80s, can it keep up? >> absolutely. i think that he's put together a great team, leadership is very important within apple and steve took as much pride in leadership of apple as he did the product itself and he's crafted i think a great team to follow him. he can't be replaced. >> after he left in the '80s and you were there, apple faltered. it's easy to say. >> apple faltered because he had the wrong ceo and a guy who didn't understand the tech business but under current of apple when steve came back the reason they accelerated so successfully is in place was a great culture and great group of people who were still there. apple was in place, unfortunately they didn't have a right product division. >> do you have views on hewlett-packard? >> absolutely. greatest success of apple and part of my book is called the product vision. and hewlett-packard has totally lost its product vision. here they had the greatest printer in the world, they had the printer market, they don't do that anymor
when you think about apple post steve jobs and we saw what happened to apple post steve jobs in the '80s, can it keep up? >> absolutely. i think that he's put together a great team, leadership is very important within apple and steve took as much pride in leadership of apple as he did the product itself and he's crafted i think a great team to follow him. he can't be replaced. >> after he left in the '80s and you were there, apple faltered. it's easy to say. >> apple faltered...
261
261
Oct 3, 2012
10/12
by
CNBC
tv
eye 261
favorite 0
quote 0
let me get your take, steve. on the jobs report on friday, what should we expect? >> i think it's going to come in lighter than the adp. the adp has been a poor indicator of the jobs number. i think there's a reason the fed gave us qe-3, because they saw the softness in the labor market. i think it could come in a little on the weak side. more importantly, the official jobs number is the revisions backwards. they've been going back through previous months and knocking down those numbers. i think i wouldn't be surprised if it came in a little soft. >> kate, do you agree with that? if so, is this priced into the market? >> yes, absolutely priced in, maria. great question. what they're going to expect is for it to be terrible. if it isn't terrible, we'll see a rally. what matters most to this market is earnings. we're in pre-earnings disappointment season where we're going to float a little bit until earnings come out. we've seen a friend where earnings have beat expectations. we've gone down to earnings, earnings beat expectations, then we've had a good rally. i thin
let me get your take, steve. on the jobs report on friday, what should we expect? >> i think it's going to come in lighter than the adp. the adp has been a poor indicator of the jobs number. i think there's a reason the fed gave us qe-3, because they saw the softness in the labor market. i think it could come in a little on the weak side. more importantly, the official jobs number is the revisions backwards. they've been going back through previous months and knocking down those numbers....
124
124
Oct 5, 2012
10/12
by
CNBC
tv
eye 124
favorite 0
quote 0
here to explain all of that, our senior economics reporter steve leisman. steve? >> sue, thanks very much. sue, this number is a product of simple math. but whether it's telling us about the real strength of the job market is something investors and the fed are going to have to think long and hard about. take a look at how we got here. first a little bit of the math. the unemployment rate is calculated by essentially taking the number of unemployment and simply dividing it by the labor force. plug in the numbers. 7.8% unemployment rate gives us -- calculates from 12.1 million unemployed divided by the 155.1 million labor force. you can do that at home, if you like. and now here's what happened this month. okay? the number of unemployed dropped by nearly half a million. down by 456,000. the number of employed in this household survey up by 873,000. but wait, because the one thing we're watching here is the number of people who were employed but were part-time but they wanted full time work. we call it for economic reasons. up by 582,000. that's the third september
here to explain all of that, our senior economics reporter steve leisman. steve? >> sue, thanks very much. sue, this number is a product of simple math. but whether it's telling us about the real strength of the job market is something investors and the fed are going to have to think long and hard about. take a look at how we got here. first a little bit of the math. the unemployment rate is calculated by essentially taking the number of unemployment and simply dividing it by the labor...
87
87
Oct 2, 2012
10/12
by
CNBC
tv
eye 87
favorite 0
quote 0
today, she is steve liesman's special guest. steve? >> tyler, thanks very much. she has been called america's top financial diplomat and is a special guest at a fortune magazine most powerful women conference in california. lael brainard joins us now. welcome to "power lunch," lael. >> it's a pleasure to be here. >> let's talk what tyler was talking about, this issue of spain and the question of whether or not it's going to ask for aid and trigger that ecb program. is it your opinion, the opinion of the u.s., that the europeans are following through on their latest set of commitments when it comes to solving their financial crisis? >> well, you're right, they've made a series of very important commitments over the course of the summer and into the fall. they are much better prepared. they have a set of tools that can help governments like spain continue to access the markets at affordable rates while they continue making these very challenging reforms. we have seen a number of developments in spain in recent days. we have seen a budget come out that continues to
today, she is steve liesman's special guest. steve? >> tyler, thanks very much. she has been called america's top financial diplomat and is a special guest at a fortune magazine most powerful women conference in california. lael brainard joins us now. welcome to "power lunch," lael. >> it's a pleasure to be here. >> let's talk what tyler was talking about, this issue of spain and the question of whether or not it's going to ask for aid and trigger that ecb program....
104
104
Oct 5, 2012
10/12
by
CNBC
tv
eye 104
favorite 0
quote 0
to steve's point i would address this. i drove a cadillac -- when i brought my fwal to the prom as not in a pinto it was an el dorado. this 114,000 job number has to stick out to you. we're looking for 140 to 150,000. 114 is not a great number. >> most guys think that number will be revised. i'm not concerned about the 114, but i'm also not buying the 7.8. that's telling me we're making jobs at 200, 250. i have no problem believing the average in the past six weeks, 145 is where we are right now. >> guys? >> let's say 8%. call it 8% the rate. to pete's point the market wants to continue to go higher. obviously it sold off a little bit in the looft few minutes. understood. i still adhere to my comments the market doesn't give me this the long sell the highs which do i believe we have to push towards 1500, 1525 in the s&p and names we've hammered home. home depot at 12 1/2 year high. there are secular stories that continue to work and i believe they will continue network. >> what are you doing with this? >> well, listen, you
to steve's point i would address this. i drove a cadillac -- when i brought my fwal to the prom as not in a pinto it was an el dorado. this 114,000 job number has to stick out to you. we're looking for 140 to 150,000. 114 is not a great number. >> most guys think that number will be revised. i'm not concerned about the 114, but i'm also not buying the 7.8. that's telling me we're making jobs at 200, 250. i have no problem believing the average in the past six weeks, 145 is where we are...
307
307
Oct 4, 2012
10/12
by
CNBC
tv
eye 307
favorite 0
quote 0
steve jobs, he's gone, it doesn't matter, stick with hewlett! >> listen, we ship two pcs every second. this is an enormous business. we're seeing growth in a lot of areas. we have an entirely new design lineup. we have put real emphasis on design. and this is something hp does quite well. we have terrific product engineering. now married with a design organization. i think we've got a really good shot here, and we've gotten great response to these devices. you know, listen. we are one competitive company. we now have a sharp competitive focus. we know what we have to do to compete. and we're going to do it. i wouldn't bet against us. i wouldn't bet against the technology that this company has in the pipeline and our commitment to delivering great products and to meeting customer needs. one thing i'll tell you about hp. through all the change at the top, through all the craziness, our people have delivered for customers. we will do anything for customers. and i think that's a great strength of the company that we're going to build on. >> meg, you
steve jobs, he's gone, it doesn't matter, stick with hewlett! >> listen, we ship two pcs every second. this is an enormous business. we're seeing growth in a lot of areas. we have an entirely new design lineup. we have put real emphasis on design. and this is something hp does quite well. we have terrific product engineering. now married with a design organization. i think we've got a really good shot here, and we've gotten great response to these devices. you know, listen. we are one...
172
172
Oct 5, 2012
10/12
by
CNBC
tv
eye 172
favorite 0
quote 0
that's the old steve jobs still at work and they need to break with that. >> steve wouldn't you know it the president talks right in the middle of our conversation. i'm going to have to let you go and hopefully we can restart this at a later date. >> that's fine. thank you. i'll defer to the president. >> jim start your talking some apple. as we wait for the president to start talking about the jobs number we'll go to john harwood for a quick preview what his message might be. john is in washington. good morning, john. >> good morning. i think his message will be one we've heard from the administration which is first of all they are delighted by the news. delighted the rate is under 8%. delighted the august numbers were revised upward. but also have a tempered tone and say we got a lot of work to do because we do as one economic analyst told my colleague at the "new york times" earlier today this economy seems to only have three gears, slow, or reverse. it's not a good economy for president obama to be running with but this is good news. it was good news for the country that just a f
that's the old steve jobs still at work and they need to break with that. >> steve wouldn't you know it the president talks right in the middle of our conversation. i'm going to have to let you go and hopefully we can restart this at a later date. >> that's fine. thank you. i'll defer to the president. >> jim start your talking some apple. as we wait for the president to start talking about the jobs number we'll go to john harwood for a quick preview what his message might be....
259
259
Oct 3, 2012
10/12
by
CNBC
tv
eye 259
favorite 0
quote 0
but steve is right, we know the demographic trends. can influence the decision about how much longer to stay in the labor force or when to enter it. we know some are leaving permanently because of the economy, some young people are continuing in school because of the economy. those things could turn around. >> we've got to go. but, steve, i was 45, i'm only 55, 20 years later. i froze. jack ] after lauren broke up with me, i went to the citi private pass page and decided to be...not boring. that's how i met marilyn... giada... really good. yes! [ jack ] ...and alicia. ♪ this girl is on fire [ male announcer ] use any citi card to get the benefits of private pass. more concerts, more events, more experiences. [ jack ] hey, who's boring now? [ male announcer ] get more access with the citi card. [ crowd cheering, mouse clicks ] [ male announcer ] get more access with the citi card. those little things for you, life's about her. but your erectile dysfunction - that could be a question of blood flow. cialis tadalafil for daily use helps
but steve is right, we know the demographic trends. can influence the decision about how much longer to stay in the labor force or when to enter it. we know some are leaving permanently because of the economy, some young people are continuing in school because of the economy. those things could turn around. >> we've got to go. but, steve, i was 45, i'm only 55, 20 years later. i froze. jack ] after lauren broke up with me, i went to the citi private pass page and decided to be...not...
272
272
Oct 1, 2012
10/12
by
CNBC
tv
eye 272
favorite 0
quote 0
earlier some attributed part of the rally to what chicago fed bank president charlie evans told our steve liesman this morning on cnbc. listen. >> in my opinion, we'd continue with the asset purchases until we see payroll employment more like 200,000, 250,000. >> you're saying continue at 85 billion into all of 2013? that would be your recommendation? >> this is my recommendation. >> so is the fed's bond buying spree fueling the markets and should we be worried it won't last? that's what we're talking about right now. eric is with us of gerring wealth management. he says yes. gary clark says be defensive knew, expect a rally after the election. thanks for joining us. harry, why do you expect a rally after the election? we'll get nr clarity then? >> that's one thing. the uncertainty is the death of the market. i think we're going to get a correction first. the market is tired. the tired gain of last month was two days. ecb day and qe forever day. that's not good for the markets. the market needs a correction. think now anywhere from 5% to 8% will do it. a lot of money out there waiting to
earlier some attributed part of the rally to what chicago fed bank president charlie evans told our steve liesman this morning on cnbc. listen. >> in my opinion, we'd continue with the asset purchases until we see payroll employment more like 200,000, 250,000. >> you're saying continue at 85 billion into all of 2013? that would be your recommendation? >> this is my recommendation. >> so is the fed's bond buying spree fueling the markets and should we be worried it won't...
245
245
Oct 4, 2012
10/12
by
CNBC
tv
eye 245
favorite 0
quote 0
>> i do. >> steve see you back in a bit? >> we'll talk about draghi at 8:30 and jobless claims. >>> right now breaking news, julia boorstin has more on what's happening with facebook. >> that's right, the facebook announcing it has 1 billion monthly active users and 600 million mobile users, mark zuckerberg saying, making this announcement saying "i'm committed to working each day to make facebook better for you and hopefully one day we'll be able to connect the rest of the world." this is a major milestone for the company. facebook hit 500 million active users, doubling its size in two years. mark zuckerberg taped an interview with matt lauer airing exclusively on the "today" show shortly, that sitdown his first since the ipo coming up later this afternoon. >> yesterday afternoon i saw a headline, facebook is going to charge you $7 if you want to send posts, headlines to your friends. sounded crazy. >> facebook is testing all sorts of different ad models and facebook gives you the option of paying to promote your post to yo
>> i do. >> steve see you back in a bit? >> we'll talk about draghi at 8:30 and jobless claims. >>> right now breaking news, julia boorstin has more on what's happening with facebook. >> that's right, the facebook announcing it has 1 billion monthly active users and 600 million mobile users, mark zuckerberg saying, making this announcement saying "i'm committed to working each day to make facebook better for you and hopefully one day we'll be able to...
234
234
Oct 8, 2012
10/12
by
CNBC
tv
eye 234
favorite 0
quote 0
i look forward to hearing from steve. as we heard from jane wells california drivers are fuming after a spike in gas prices last week sent prices up past $5 a gallon. the governor now has called for the immediate release of a cheaper but less environmental friendly blend of gas to help bring prices down. david hackett is an energy consultant in irvine, california. he joins us from there. good to see you, david. good morning. is this the solution? >> this is a great step. going to the winter blend will allow the refiners reduce 10% of gasoline. that's like adding another refinery to the market. >> how much is this the structure of refining in that state. why is this happening? >> well, the evidence points towards refining problems. a fire at the chevron richmond refinery in august. power bumped knocked exxonmobil off line last monday. two of the big reasons. and then, of course, this is a difficult market to resupply from long distance. we're sort of an island. when there's a sudden supply short fall it's tough to get addi
i look forward to hearing from steve. as we heard from jane wells california drivers are fuming after a spike in gas prices last week sent prices up past $5 a gallon. the governor now has called for the immediate release of a cheaper but less environmental friendly blend of gas to help bring prices down. david hackett is an energy consultant in irvine, california. he joins us from there. good to see you, david. good morning. is this the solution? >> this is a great step. going to the...